Home Construction Loans

What is a construction loan? A home construction loan provides financing to build a new home, or renovate an existing property. Construction loans are short-term and often converted to permanent financing* at the end of the construction period.

As easy as 1, 2, 3, 4, 5% down - We can help you get there with our low down payment construction loan:

1. Apply for pre-approval. When you're ready to apply, it's helpful to have this documentation on hand:

• W2’s and federal tax return for the past two years
• Most recent paycheck stub covering last the 30 days
• Monthly account statement for bank and investment accounts (all pages) covering the last two months
• Recent 401(k) or retirement statement
• Driver’s license or photo ID

2. Choose a builder, a lot, and a housing plan. 

3. An appraisal is ordered once your plans and specifications are received from the builder. After the appraisal is received, your loan package will be submitted for approval. 

4. Converting your home construction loan to a permanent loan may provide an opportunity for reduced fees on permanent financing, along with local loan servicing. When home construction is complete, the appraiser performs a final inspection. That, along with updated income and asset documentation, is submitted to underwriting for approval on the construction loan conversion to make the loan permanent. If approved, you will close on your home and move in.

5. With as little as 5% down.

Read more about the full process of construction to permanent financing.